Do you know what you want to see and do in Memphis? If most of it is downtown then I would say it would be worth the extra costs to stay there. If you don't mind saying I am interested to know where you would be staying in the Cooper-Young area. I can't think of any hotel, bed or breakfast etc. there so just a bit concerned. Also, there are a few shops in that area but mostly restaurants and a couple of nice antique shops. The Peabody Hotel would be a nice centrally located hotel downtown with Beale Street a couple of blocks away.

Thanks violetduck.
Its a small house I found on airbnb. Not quite sure of exact address yet but had good reviews for the neighborhood.

There's a Holiday Inn across the street from the Peabody that's usually lower-priced. In my opinion, it would be worth the extra money to be downtown, because that way most things you want to do would be in walking distance.

The Talbot Heirs Guest House is right across the street from the Peabody and has apartments for the cost of a hotel room. We loved staying there.

When in April will you be visiting?

I agree that the Holiday Inn or Talbot Heirs would be good also. There is a Westin, probably also pricey, and more likely to be noisy. The Hampton Inn Peabody Place is good location but likely to be noisy also. If I did not stay at the Peabody my choice would be Talbot Heirs. I am sorry I feel I need to say this but I would not stay in the Cooper-Young area especially with someone you do not know personally. The area has had quite a bit of crime in the last couple of years, certainly mostly home burglaries and breaking into cars, but just think you would be much safer in the downtown area. There is the River Inn of Harbor Town which is a 28 room Boutique hotel across the bridge(not the big bridge that crosses the river) but small one by the Pyramid that is very nice but would require a car. A drive over to Harbor Town while you are downtown and a walk along the river would be nice. There is a sidewalk so an easy scenic walk. I hope you find the perfect place to stay and have a good trip.

We loved Talbot Heirs. http://www.talbotheirs.com/ It was very convenient to everything, we had a small kitchen, we had a small sitting room, the guy that helped us (can't remember his name) was super and gave us great advice. Very clean and comfortable.

We'll be visiting in late April.
Thank you all for your kind advice! Exactly what I wanted to know.

We have stayed at the Residence Inn Downtown. The rates may be higher than you want to spend. Some friends stayed at the link below through VRBO and they loved it. There are a few other options on that site as well.

http://www.vrbo.com/361554